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Kraken crypto review Australia

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Kraken
4.3
★★★★★
Finder score
Regulator registration
AUSTRAC
Supported assets
235
Fiat currencies
7
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.

Our verdict

Trade over 200 cryptocurrencies on this world-class, global exchange.

Kraken is one of the world's longest-running cryptocurrency exchanges.

It’s a large, global crypto exchange that operates in over 190 countries and caters to new and experienced investors. It's among the world's top 5 most-visited crypto exchanges.

You can buy crypto instantly with a credit or debit card or deposit AUD to trade on the spot market. Deposits made with bank transfer, PayID and Osko are free.

For those new to crypto, Kraken has an educational section in which it provides written, video and audio tutorials on a diverse range of topics.

For the more seasoned crypto investors, Kraken offers more advanced trading features such as charting tools, order types and a detailed order book.

It also allows Australians to earn a yield on their funds, primarily through staking.

Kraken is one of the few exchanges in the world to offer phone-based customer service, although international call rates apply. You can also get in touch 24/7 via live web chat or a support ticket.

Pros

  • Phone-based customer service. Kraken is one of very few cryptocurrency exchanges to offer 24/7 phone-based customer service, although international call rates apply. There is also live web chat and email support.
  • Beginner-friendly mode. Kraken offers a beginner friendly mode on the desktop exchange which simplifies buying and selling. The Kraken app is suited to beginners from the outset, with the secondary Kraken Pro app being targeted to experienced traders.

Cons

  • Limited AUD markets. Kraken offers a very small number of AUD currency pairs. The majority of markets are denominated in USD. If you want to trade against AUD you may want to consider another local exchange like CoinSpot or Swyftx.
  • Sued by ASIC. Kraken was sued by regulator ASIC in September 2023. ASIC alleges that Kraken's margin trading product did not meet design and distribution obligations as it failed to provide a Target Market Determination (TMD).

In this guide

  • Our verdict
  • Details
    • Product details
  • Your reviews
  • Ask a question

Details

Product details

Product Name Kraken
Fiat Currencies USD, EUR, CAD, AUD, GBP, CHF, JPY
Cryptocurrencies BTC, ETH, XRP, BCH, EOS, FET, LTC, ADA, XLM, USDT & 225 more
Deposit Methods Bank transfer
Credit card
Cryptocurrency
Debit card
Osko
PayID
Apple Pay
Google Pay
SWIFT
Trading Fee Maker: 0.20—0.25%
Taker: 0.35—0.40%
Deposit Fees Bank transfer, PayID or OSKO: Free
Cryptocurrency: Fees vary
Credit and debit card: Fees vary
Apple Pay or Google Pay: Fees vary
Withdrawal Fees Bank transfer/OSKO: $0 ($5 minimum withdrawal)
SWIFT: $55 ($150 minimum withdrawal)
Cryptocurrency: Network fees apply

Ratings breakdown: How we scored Kraken

Supported cryptocurrencies ★★★★★
Transferring money or assets ★★★★★
Fees and costs ★★★★★
Ease of use ★★★★★
Customer service ★★★★★
Features ★★★★★
Staking/earn ★★★★★
Trustworthiness/security ★★★★★

How we rate our crypto exchanges and platforms

Finder's editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform's strengths and weaknesses. You can read our full methodology for more information.

Our score and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.

About Kraken

Kraken is a US-based cryptocurrency exchange that was launched in 2013 in San Francisco.

It is one of the longest running platforms in the industry. It has maintained its legacy status by educating users, shaping industry policy and being highly active in regulatory discourse.

Kraken is registered as a Money Services Business (MSB) with FinCEN and as a Digital Currency Exchange (DCE) with AUSTRAC in Australia.

Kraken supported assets

Kraken supports over 234 cryptocurrencies, but some notable assets are missing. Namely, BNB, Lido Staked Ether and Toncoin, which are in the top 20 cryptos by market cap. In total, 17 of the top 20 cryptos are available on Kraken.

Popular assets on Kraken
supports
Bitcoin (BTC)
supports
Ethereum (ETH)
supports
Tether (USDT)
does not support
BNB (BNB)
supports
Solana (SOL)
supports
USDC (USDC)
does not support
Lido Staked Ether (STETH)
supports
XRP (XRP)
does not support
Toncoin (TON)
supports
Dogecoin (DOGE)
supports
Cardano (ADA)
supports
Avalanche (AVAX)
supports
Shiba Inu (SHIB)
supports
Wrapped Bitcoin (WBTC)
supports
TRON (TRX)
supports
Bitcoin Cash (BCH)
supports
Polkadot (DOT)
supports
Chainlink (LINK)
supports
Polygon (MATIC)
supports
Litecoin (LTC)

Kraken fees review

Kraken charges a fee for deposits. Bank transfer, payid or osko deposits are free for folks in Australia.

Deposit and withdrawal fees

Transaction type Fee
Deposit funds Bank transfer, PayID or OSKO: Free
Cryptocurrency: Fees vary
Credit and debit card: Fees vary
Apple Pay or Google Pay: Fees vary

Withdraw funds Bank transfer/OSKO: $0 ($5 minimum withdrawal)
SWIFT: $55 ($150 minimum withdrawal)
Cryptocurrency: Network fees apply

Kraken uses a maker taker fee structure for spot market trading. Instant purchases incur a separate fee.

Type Fee
Maker 0.20—0.25%
Taker 0.35—0.40%

Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.

Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.

Kraken deposit methods

  • Bank transfer
  • Credit card
  • Cryptocurrency
  • Debit card
  • Osko
  • PayID
  • Apple Pay
  • Google Pay
  • SWIFT

How to sign up on Kraken

Before you can get started trading on Kraken, you'll have to go through a Know Your Customer (KYC) verification process (which usually involves proof of identification).

  1. Get started
    Visit Kraken's site. After selecting the Get Started button, fill in the create account form.
  2. Set up payment
    Before you can start trading, you have to add your bank account to your Kraken account. There are several options to choose from, so choose the option most compatible.
  3. Provide identification
    Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this.
  4. Start trading
    After all that is processed, you're ready to trade on Kraken.

About the Kraken app

Kraken offers two mobile apps.

The standard Kraken app is targeted to beginners and focuses on a simplified buying and selling experience. The app includes a neat snapshot of your portfolio and has a concise summary of each asset and how it works. You can purchase crypto instantly or set a recurring order.

The Kraken Pro app is targeted at experienced traders and includes many of the same features as the desktop exchange. You view price charts, the order book and market depth. The spot market has a number of order types and trade settings available.

You can contact customer support through both apps as well as set price alerts for individual assets.

Three screenshots of the Kraken app

App store Rating Total reviews
Google Play 4.4 stars 22.7k reviews with 1m downloads
Apple Store 4.7 stars 4.1k reviews

Is Kraken safe?

Past hacks. In its decade-long history, Kraken has never been hacked. The majority of assets managed by Kraken are stored offline, which protects them from most of the vulnerabilities associated with cryptocurrency theft.

Security. Kraken accounts come with standard modern security features such as SMS codes to confirm withdrawals, email confirmation, and 2-factor authentication (2FA).

Independent audits. Kraken has been audited by independent accounting firms.

Proof-of-reserves. Following the collapse of Celsius and FTX, Kraken implemented a proof-of-reserves system. This allows users to verify their account balances using on-chain data and a type of cryptographic proof called a Merkle Tree.

Insurance. Cryptocurrencies do not qualify for federal deposit insurance in the US or the Financial Claims Scheme (FCS) guarantee in Australia. Kraken does not disclose an independent insurance policy.

Keeping your crypto secure

All centralised exchanges, including Kraken, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.

Ledger Nano X Wallet

Trezor Model T Wallet

Go to site
Go to site

Supported assets

5,500+

Supported assets

9,000+

Price (USD)

$149

Price (USD)

$179

Kraken customer support

Kraken is one of very few exchanges in the world to offer phone-based customer service. Phone based customer support teams are located in the US, UK or the EU and so you will need to pay international call rates.

You can also get in touch 24/7 using live web chat or through a support ticket.

When we tested the live chat customer service we were put in touch with a person within 5 minutes.

How to reach Kraken customer support

  • Contact form
  • Email
  • Facebook
  • FAQ page
  • Help center articles
  • LinkedIn
  • Live chat
  • Support ticket
  • Twitter

Alternatives to Kraken

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Bank transfer, BPAY, Cash, Credit card, Cryptocurrency, Debit card, PayID

1

447

Get $20 in BTC when you make a deposit. T&Cs apply.

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Swyftx
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID

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352

Get $20 in BTC when you verify your account. T&Cs apply.

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Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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James Finder

Editor

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